XCEL FINAL Exam Questions with 100% Correct Answers Latest
Graded A+
Question:
Irrevocable beneficiary
Answer:
What kind of life insurance beneficiary requires his/her consent when a change of beneficiary is
made?
Question:
Anytime
Answer:
When can a policy-owner change a revocable beneficiary?
Question:
Daughter
Answer:
K has a life insurance policy where her husband is beneficiary and her daughter is contingent
beneficiary. Under the Common Disaster clause, if K and her husband are both killed in an
automobile accident, where would the death proceeds be directed?
Question:
0
Answer:
T and S are named co-primary beneficiaries on a $500,000 Accidental Death and Dismemberment
policy insuring their father. Their mother was named contingent beneficiary. Five years later, S dies
of natural causes and the father is killed in a scuba accident shortly afterwards. How much of the
death benefit will the mother receive?
Question:
If the primary beneficiary dies before the insured
Answer:
,How would a contingent beneficiary receive the policy proceeds in an Accidental Death and
Dismemberment (AD&D) policy?
Question:
Irrevocable
Answer:
A policy would like to change the beneficiary on a Life insurance policy and make the change
permanent. Which type of designation would fulfill this need?
Question:
The early years are charged more than what is needed
Answer:
What is the underlying concept regarding level premiums?
Question:
Premium Mode
Answer:
A policy-owner is able to choose the frequency of premium payments through what policy feature?
Question:
Mode of Premium
Answer:
A policy owner is allowed to pay premiums more than once a year under which provision?
Question:
Application will be returned to the writing agent.
Answer:
An incomplete life insurance application submitted to an insurer will result in which of these
actions?
Question:
Applicant
Answer:
, Any changes made on an insurance application requires the initials of whom?
Question:
Set up a meeting with the applicant to answer the remaining questions
Answer:
P is a producer who notices 5 questions on a life application were not answered. What actions
should P take?
Question:
Policy was returned within the free-look period, premium will be fully refunded.
Answer:
Q applied for life insurance and submitted the initial premium on January 1. The policy was issued
February 1, but it was not delivered by the agent until February 7. Q is dissatisfied and returns the
policy February 13. How will the insurer handle this situation?
Question:
Beneficiary
Answer:
Who is NOT required to sign a life insurance application?
Question:
Forward the application o the insurer without the initial premium.
Answer:
What action should a producer take if the initial premium is NOT Submitted with the application?
Question:
applicant's physician
Answer:
An applicant's medical information received from the Medical Information Bureau (MIB) may be
furnished to the
Question:
To detect and deter terrorism
Graded A+
Question:
Irrevocable beneficiary
Answer:
What kind of life insurance beneficiary requires his/her consent when a change of beneficiary is
made?
Question:
Anytime
Answer:
When can a policy-owner change a revocable beneficiary?
Question:
Daughter
Answer:
K has a life insurance policy where her husband is beneficiary and her daughter is contingent
beneficiary. Under the Common Disaster clause, if K and her husband are both killed in an
automobile accident, where would the death proceeds be directed?
Question:
0
Answer:
T and S are named co-primary beneficiaries on a $500,000 Accidental Death and Dismemberment
policy insuring their father. Their mother was named contingent beneficiary. Five years later, S dies
of natural causes and the father is killed in a scuba accident shortly afterwards. How much of the
death benefit will the mother receive?
Question:
If the primary beneficiary dies before the insured
Answer:
,How would a contingent beneficiary receive the policy proceeds in an Accidental Death and
Dismemberment (AD&D) policy?
Question:
Irrevocable
Answer:
A policy would like to change the beneficiary on a Life insurance policy and make the change
permanent. Which type of designation would fulfill this need?
Question:
The early years are charged more than what is needed
Answer:
What is the underlying concept regarding level premiums?
Question:
Premium Mode
Answer:
A policy-owner is able to choose the frequency of premium payments through what policy feature?
Question:
Mode of Premium
Answer:
A policy owner is allowed to pay premiums more than once a year under which provision?
Question:
Application will be returned to the writing agent.
Answer:
An incomplete life insurance application submitted to an insurer will result in which of these
actions?
Question:
Applicant
Answer:
, Any changes made on an insurance application requires the initials of whom?
Question:
Set up a meeting with the applicant to answer the remaining questions
Answer:
P is a producer who notices 5 questions on a life application were not answered. What actions
should P take?
Question:
Policy was returned within the free-look period, premium will be fully refunded.
Answer:
Q applied for life insurance and submitted the initial premium on January 1. The policy was issued
February 1, but it was not delivered by the agent until February 7. Q is dissatisfied and returns the
policy February 13. How will the insurer handle this situation?
Question:
Beneficiary
Answer:
Who is NOT required to sign a life insurance application?
Question:
Forward the application o the insurer without the initial premium.
Answer:
What action should a producer take if the initial premium is NOT Submitted with the application?
Question:
applicant's physician
Answer:
An applicant's medical information received from the Medical Information Bureau (MIB) may be
furnished to the
Question:
To detect and deter terrorism
